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Introduction
Primary Research Question
The primary research question is, Can the lessons people learn from the Great Depression be effective in solving future economic downturns? The topic focuses on the Great Depression and other historical events like COVID-19 and the Russian invasion of Ukraine that have had significant impacts on society. These events have led to economic downturns that affected people worldwide. Peoples lives were disrupted as the need to adapt to the new times became evident (Zhang et al., 2020). Massive job losses, high mortality, displacement of people from their homes, and poverty are some of the social impacts of these events. The lessons learned are that we cannot be fully prepared for some events, but we can take some steps to mitigate their impacts in the future. Applying the lessons we have learned for the next event can ensure proper mitigation.
Sub-questions
The sub-questions are, Can people use the lessons to solve future issues other than future economic downturns? and If yes, what other future issues can they solve using the lessons, and how can they solve them? The sub-questions address the application of lessons to other factors other than economic impacts. Some of the areas include preparation for adversities. The last few years have revealed that adversities cannot be predicted, and preparation for them is challenging. Preparation is essential in reducing their impacts. Dependence on one job is a great issue affecting most families since the loss of a job due to historical events leads to several uncertainties. Governments should also learn from the events and plan for future adversities through research and resource allocation. There will be a need for social tolerance in society after it has emerged that such events bring divisions among various groups.
Credibility and Validity of Each Source
Mathy (2019) and Benmelech et al. (2019) are secondary sources that were recently published. They both discuss the impacts of the Great Depression, focusing on employment and other economic adversities. The two articles are credible because they are peer-reviewed. They have both been published in trusted scholarly journals. The secondary sources have been reviewed by professionals in the field who have accepted their work as credible assessments of issues in the discipline. Harriman (1932) and Currie (1934) are primary sources. They are research-based articles providing an analysis of the Great Depression and its impacts on the economy. The approach the authors take in the areas of study has been reviewed by experts and published in reputable scholarly journals for use by scholars interested in the topic.
Causes of the Great Depression
The Great Depression was one of the worst economic periods in the world due to the economic outcomes that emerged. Various factors are attributed to have caused the event. The financial market experienced failures, leading to the depression. The 10-year period has been preceded by an economic boom that has led to significant successes in banking (Wheelock, 2020). However, banks began to fail, leading to failure in securities exchange. Government policies also failed during the period as there were no effective laws to ensure that checks and balances existed in the financial market. The lack of oversight during the period is of significant concern, given that some practices in the financial market contributed to the depression. The lack of oversight of the financial system and an inefficient Federal Reserve facilitated the depression, given the conditions that prevailed during the period.
Consequences
The Great Depression had significant consequences on the whole world due to the role of the economy in every aspect of life. The immediate impacts of the event were the massive job losses and high unemployment rates that emerged after the closure of industries due to hard financial times and low demand. Job losses increased the number of unemployed people, leading to high poverty rates in communities. The lack of jobs also pushed people into crimes as the avenues to make a living declined. Homelessness increased during the period due to declining wages and high home prices. More people could not afford to pay rent or service mortgages, leading to homelessness. Families broke down during the period due to financial constraints. Health and other social factors like education were also affected due to their dependence on the financial status of the population.
Long-Term Effects of Historical Events
The long-term impacts of the Great Depression have been given greater attention to the financial markets. The economy is the most important element in modern society, and its role has attracted a lot of attention from various stakeholders. More people are now paying attention to the financial markets since their performance determines the economic situation. Banks and other financial institutions are now given better oversight from the government and other interested parties. The Great Depression also led to the creation and implementation of financial policies aimed at ensuring better regulation of the sector and avoidance of a similar situation. The role of the Federal Reserve in controlling factors like inflation is the outcome of such policies. However, the lessons have not been sufficient since economic crashes have been experienced in the recent past.
Application of Past Challenges in Current Organization
The Great Depression, along with COVID-19 and the Russian invasion of Ukraine, have revealed that adversities can happen at any time, and there is a need for organizational preparedness to overcome challenges. Organizations cannot avoid the impacts of such events entirely, but they can take steps to ensure that they overcome the problems. Some of the measures include assessing current organizational processes and systems to ensure that they can withstand tough times. Such measures include the adoption of technologies and cost reductions to ensure efficiency and resilience during the period. Organizations should also address the needs of their employees beforehand. Workers are crucial resources, and they should be taken care of when adversities happen. Employers can create emergency funds to facilitate workers pay and address other issues in case the events occur. They should also encourage their workers to be financially and socially prepared.
Conclusion
There have been several historical events in the last two centuries that have significantly affected lives across the world. The Great Depression, COVID-19, the 2008 financial crisis, and the ongoing Russian invasion of Ukraine have affected lives and businesses. The role of the economy in the lives of people is the most significant, as everything is focused on money. Social outcomes also decline due to the unaffordability of basic items and services. Organizations should ensure that they are prepared for more historical events given the changing climate and the impacts it is already having. Preparedness comprises several factors, including organizational efficiencies and resilience to tough times. Companies should also create funds and systems that will be used in case of more historical events. Workers and ordinary people should also learn to reduce their dependence on their jobs since most people get into financial crises when they lose their jobs.
References
Benmelech, E., Frydman, C., & Papanikolaou, D. (2019). Financial frictions and employment during the great depression. Journal of Financial Economics, 133(3), 541-563.
Currie, L. (1934). The failure of monetary policy to prevent the depression of 1929-32. Journal of Political Economy, 42(2), 145-177.
Harriman, H. I. (1932). The stabilization of business and employment. The American Economic Review, 22(1), 63-74.
Mathy, G. P. (2020). How much did uncertainty shock matter in the Great Depression? Cliometrica, 14(2), 283-323.
Wheelock, D. C. (2020). Comparing the COVID-19 recession with the Great Depression. Economic Synopses. Web.
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. Web.
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